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jmetheny2
New Member

My husband as an employee of Publix bought additional stock in the company by acquiring a loan thru Publix credit union. Is the interest on that loan deductible?

 
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TomYoung
Level 13

My husband as an employee of Publix bought additional stock in the company by acquiring a loan thru Publix credit union. Is the interest on that loan deductible?

If the entire proceeds of the loan were used to buy stock then the interest is deductible.  You enter that using the "Investment Interest Expenses" under the "Deductions & Credits" tab.  You can only deduct 2016 interest on a 2016 income tax return.

Tom Young

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jmetheny2
New Member

My husband as an employee of Publix bought additional stock in the company by acquiring a loan thru Publix credit union. Is the interest on that loan deductible?

I did not think to deduct interest in 2015.  If it is deductible, can I also include it?
TomYoung
Level 13

My husband as an employee of Publix bought additional stock in the company by acquiring a loan thru Publix credit union. Is the interest on that loan deductible?

If the entire proceeds of the loan were used to buy stock then the interest is deductible.  You enter that using the "Investment Interest Expenses" under the "Deductions & Credits" tab.  You can only deduct 2016 interest on a 2016 income tax return.

Tom Young

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